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WASHINGTON, DC-Teachers Insurance and Annuity Association of America has lent $172.5 million in cross-defaulted and cross-collateralized construction and permanent loans to an affiliate of Archstone Smith. The loans are secured by three multifamily properties that are currently under construction in the Maryland suburbs of Washington, DC, according to the Sutherland law firm, which represented TIAA in the closing, which occurred on July 18th.

Archstone Smith did not return a call in time for publication. TIAA did not return a call in time for publication. Sutherland did not return a call in time for publication. According to the press release, Sutherland team was led by Lisa Rosen in Washington, DC, assisted by Sheila Novak, Churchill H. D. Hooff and R. Alex DuFour.

Privatized in 2007 by Tishman Speyer and Lehman Brothers, Archstone-Smith has a strong footprint in the DC area, owning several properties. Its most ambitious development project is the $850 million development of the former Washington Convention Center. The Hines

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